Ecobank Ghana Limited has reached a mutual agreement with the Social Security and National Insurance Trust (SSNIT) over the sale price of The Trust Bank (TTB). However, it is unclear how much Ecobank is offering to SSNIT for its 61.14 percent stake in TTB. But SSNIT is expected to seek the approval of other minority shareholders, CITI & BUSINESS GUIDE has gathered. They include Ghana Re-Insurance Co Ltd, which has 9.36 percent shares and the Africa Tiger Mutual Fund, which holds 6.0 percent stake. Reports suggest the deal will be sealed at the end of this month. The Bank of Ghana (BoG), regulator of the banking industry and the Securities and Exchange Commission (SEC), will have to approve the deal before the pan-African bank can take over the operations of TTB which was among the first indigenous banks to exceed the GHc60 million capital requirements. Ecobank had indicated that it would not retrench any staff of TTB but integrate them into its fold. However, it is likely the financial intermediary will sell some of the branches of TTB. The merger is expected to elevate Ecobank, which is already in the tier one category from the fourth position in the banking industry. SSNIT had earlier justified its approval for the merger between the two entities despite fierce opposition from civil society and other pressure groups. The Corporate Affairs Manager of the Trust, Eva Amegashie told Citi News that the sale of TTB will increase SSNIT’s income base and be of immense benefit to the country. “This transaction will help SSNIT make sure that the pension scheme is sustainable and that every month we get steady flow of months to pay about 110,000 pensioners we have on a payroll. Ecobank Ghana Limited is a Ghanaian bank so when people say that we are selling it to a foreign bank, it is not true”. An earlier statement by the two banks said the transaction will create a bank that will provide world-class banking services and products to customers including individuals, small and medium scale enterprises, local companies, multinationals, government and government related businesses. While Ecobank has over 60 branches, TTB has 20 networked branches.